Spec Tax Blamed for Hotel Development Delays in Kelowna

Edmonton-based Westcorp officially put the brakes on development of a prominent Kelowna hotel project due to uncertainty surrounding BC’s new real estate speculation tax.

Kelowna’s mayor Colin Basran isn’t surprised construction is being delayed calling the announcement by Westcorp one of the “unintended consequences” of the new tax.

The City of Kelowna sent letters to both Premier John Horgan and Finance Minister Carole James seeking a formal face-to-face meeting regarding the tax, its implications and upcoming debate in legislature. Basran says the city has not yet received a response.